Mongolia, one of the world’s fastest-growing mining centres, has become subject of a dedicated investment fund, marking a new step on its journey to joining the first tier of emerging markets.

The fund, launched by emerging market asset manager FMG, has given its largest allocation, unsurprisingly, to mining stocks, which will make up 42% of the fund. Among the largest holdings in FMG's fund is Tavan Tolgoi, a mining firm which is expected to create a brand new town of 60,000 people to service a vast new coal mine in Mongolia.